OfferUp raises $120M and to acquire Letgo, creating 20M monthly users as COVID-19 drives demand

OfferUp raised $120 million and announced plans to acquire rival Letgo, creating a combined marketplace with about 20 million monthly active users while seeing increased demand during the COVID-19 outbreak. CEO Nick Huzar said the company will invest the new capital in product innovation and hiring despite challenges like price-gouging on certain items.

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